Frederic R. Harris, Inc. v. Commissioner
United States Tax Court
Held, petitioner corporation did not acquire "substantially all" of the assets of a sole proprietorship owned by a decedent, and was therefore not an "acquiring corporation" under section 461(a)(1) (D) or a "purchasing corporation" under section 474(a)(1)(A), I.R.C. 1939, as amended, so as to entitle it to use the earnings experience of the sole proprietorship in determining its excess profits credit.
1Opinion of the Court
Frederic R. Harris, Inc. (N.Y.), Petitioner, v. Commissioner of Internal Revenue, Respondent
Frederic R. Harris, Inc. v. Commissioner
Docket No. 90647
United States Tax Court
40 T.C. 744; 1963 U.S. Tax Ct. LEXIS 82;
July 26, 1963, Filed
Decision will be entered for the respondent.
Held, petitioner corporation did not acquire "substantially all" of the assets of a sole proprietorship owned by a decedent, and was therefore not an "acquiring corporation" under section 461(a)(1) (D) or a "purchasing corporation" under section 474(a)(1)(A), I.R.C. 1939, as amended, so as to entitle it to use the earnings…
2Cases cited12 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Helvering v. Morgan's, Inc.Supreme Court of the United States · 1934
- Rohmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1946
- Smith v. CommissionerUnited States Board of Tax Appeals · 1936
- E. T. Renfro Drug Co. v. CommissionerUnited States Tax Court · 1948
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